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India largest target market for Port City project: Sri Lankan official

Published

4 years ago

2022/03/18

Colombo Port City Economic Commission director general Saliya Wickramasuriya (ANI)

The Colombo Port City Economic Commission wants the “Port City to be an international city” and looking at more detailed, bespoke and customised solutions to “create value propositions for key anchor investors”, director general Saliya Wickramasuriya has said in an interview in an interview with The Hindustan Times ((HT)

The Indian subcontinent is the largest target market for the $1.12-billion Port City Colombo, which will build on ongoing political alignment between Sri Lanka and the country to offer key opportunities to Indian businesses, says the head of the commission overseeing the project.

Colombo Port City Economic Commission director general Saliya Wickramasuriya said in an interview that the project will offer opportunities both to Indian players, that already have a presence in Sri Lanka, and to those making their maiden foray into the island nation. He highlighted the separate laws being enacted for the port city and bespoke business solutions as its main attractions for Indian investors.

“With the changing economic circumstances both here and overseas, our target market is shifting slightly and the value proposition has to change accordingly…While there is recovery, there are still economic constraints everywhere and there are political disturbances everywhere,” Wickramasuriya said.

“So what we’re looking here is building on the relationships that already exist with entities who have invested in Sri Lanka. In particular, the Indian subcontinent is by far our largest target market,” he added.

The commission wants the “port city to be an international city” but it is also looking at more detailed, bespoke and customised solutions to “create value propositions for key anchor investors”, Wickramasuriya said.

Port City Colombo is being implemented by China Harbour Engineering Company, part of the China Communications Construction Company, to create a city on land reclaimed from the sea and extend Colombo’s central business district. The project consists of 269 hectares of reclaimed land, and the developers of the project are hoping it will benefit from a recent increase in economic cooperation between India and Sri Lanka.

The Indian side has provided a $500-million line of credit for purchasing fuel and a currency swap of $400 million under the Saarc facility. It has also deferred the payment of $515 million due to the Asian Clearing Union. The two sides also finalised the long-gestating project to refurbish and develop the Trincomalee oil farm, a storage facility with a capacity of almost one million tonnes.

Wickramasuriya acknowledged the economic problems currently being faced by Sri Lanka but was upbeat that the growing political alignment with India will benefit the project.

“I think bridges are being strengthened on the political front, which is good because it’s something we should do and keep doing with India, our oldest and biggest trading partner and also home to our largest contingent of arriving visitors,” he said.

Highlighting the port city’s potential for commercial and retail activities, he added, “There’s a lot of potential for Indian businesses to move one step closer to the world by coming to Sri Lanka, because a lot of Indian goods get trans-shipped through Sri Lanka…So, this is why we are offering an international financial centre concept in a convenient physical location for businesses that are in the goods and services movement business.”

The Colombo Port City Economic Commission is currently working on a set of 10 key policy frameworks and regulations, including regulations for banking and finance, setting up and winding down businesses, immigration, dispute resolution.

“Those regulations are being drafted and we are sealing up the ease of doing business indicator types. I would say by the end of April, we should be able to roll out our drafts to the market…,” Wickramasuriya said.

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PM on inspection tour of newly renovated Colombo Central Bus Stand

Published

6 hours ago

2026/04/10

Priyan

The Colombo Central Bus Stand, which has a history of over six decades and had remained without a proper maintenance for many years, has now been renovated under the current government’s development programme and vested to the public. Following that, the Prime Minister undertook an inspection tour of the newly renovated Colombo Central Bus Stand.

Originally constructed in 1964, the bus stand was refurbished with modern facilities to meet current needs and was officially reopened to the public on April 8. The primary objective of this initiative is to provide passengers with a higher-quality and more comfortable transportation service.

During the renovation process, special attention has been given to the comfort and safety of women, which was commended by the Prime Minister. In particular, a modern rest area designed to ensure privacy for nursing mothers travelling from distant areas received special praise.

The Prime Minister also reviewed the newly introduced passenger seat reservation system and information services established to assist commuters. In addition, the modern surveillance unit and other security measures installed within the premises to ensure passenger safety were also inspected.

During the visit, the Prime Minister engaged in conversations with passengers at the bus stand and inquired about their views on the newly renovated facilities and the quality of transport services.

It was emphasized that the government’s objective is to transform public transportation into a safe, technologically advanced service that can be used with convenience by all citizens.

(Prime Minister’s Media Division)

Latest News

Sun directly overhead Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon today (10)

Published

6 hours ago

2026/04/10

Priyan

On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka from the 05th to 15th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (10th) are Nagawilluwa, Galgamuwa, Sigiriya, Palugasdamana and Mankerni about 12:11 noon.

News

Opposition tells Minister Kumara Jayakody to resign

Published

8 hours ago

2026/04/10

Thilina Walpola

Prof. Peiris

No-faith motion to be taken up today

Former Foreign Minister Prof. G. L. Peiris yesterday (9) said that President Anura Kumara Dissanayake should remove Energy Minister Kumara Jayakody unless the minister stepped down on his own.Prof. Peiris, addressing a press conference called by the Opposition, said that Jayakody couldn’t under any circumstance continue to serve as a minister after the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) moved the Colombo High Court against the government member over a previous financial scandal.

Pointing out that Minister Jayakody had been indicted of a corrupt deal struck during the yahapalana regime, Prof. Peiris said it was wrong for the NPP to retain him as a minister, claiming that the offence was not committed during his tenure as a Cabinet minister in the current government.

Prof. Peiris and several other Opposition members dealt with the No-Confidence Motion (NCM) against Jayakody that would be taken up today (10) with the academic calling the vote an acid test for the NPP. Having campaigned on an anti-corruption platform at presidential and parliamentary polls, the NPP couldn’t protect Jayakody though he was widely believed to be close to President Dissanayake.

As the Manager of the Procurement and Import Division of the Ceylon Fertilizer Company, Jayakody is alleged to have committed the offence of corruption, according to CIABOC.

Jayakody has been accused of causing a loss of Rs. 8,859,708 to the State by influencing and exploiting the procurement process.

Following the serving of indictments on 27 March, the judge ordered Jayakody’s release on two personal bail bonds of Rs. 1 million each. The court directed that the defendant’s fingerprints be obtained and a formal report be submitted. The case has been scheduled for a pre-trial conference on 6 May.

Prof. Peiris stressed that the CIABOC action against Jayakody is central to the NCM primarily moved over the irregularities ridden coal procurement process launched in 2025 that caused severe disruption to the power generation. Responding to The Island query after the media briefing, Prof Peiris expressed surprise that the JVP/NPP accommodated a person under investigation by the CIABOC. Having taken an utterly irresponsible decision, the JVP/NPP were now playing down the developing issue, prof. Peiris said.

The entire government parliamentary group faced the prospect of having its image tarnished by defending Jayakody, the former lawmaker said.

Prof. Peiris said that they intended to build a campaign around the issues involving the energy minister to expose the government. With yet another electricity tariff hike in the offing due to the growing demand for thermal generation as a result of coal-fired Lakvijaya power plant’s failure to meet the requirement[RA1] , the energy minister and ministry’s performances have to be examined, Prof. Peiris said.The timely release of the Auditor General’s report on controversial coal procurement should compel the government to decide on the energy minister’s fate or be prepared to face the fallout.

By Shamindra Ferdinando